Selling a house is rarely so simple, and doing so in Bath or Bristol is no exception. Apart from the extensive pre-sale checklist of tasks that you need to accomplish, theres also the chance that a confirmed buyer ends up backing out of the sale altogether. When something like that happens, the whole process becomes more complicated and more expensive, least of all because you would need to go back to square one to find another buyer.
Because the Bath or Bristol homeowner has the most to lose whenever a buyer backs out of the deal, you need to take steps to protect yourself in such an event:
- If you are planning on purchasing your new Bath or Bristol home after selling your old house, prepare a contingency plan for the financing. If you can afford it, arrange for the purchase of your new home in such a way that you are not depend on the conclusion of your old homes sale for the financing.
- Keep communication lines open. It would be best for all real estate agents involved to keep in touch, so that both the buyer and the seller can be updated on any further developments or changes. This can also help you sound out if your buyer is amenable to a negotiation.
- Negotiate with your buyer. You can also try reaching out directly to your buyer to find out why s/he is backing out of the deal. If the reason is something that you have control over, analyze whether giving a few more concessions than what you originally agreed upon is less costly than the losses of a deal that fell through. Perhaps you can agree to shoulder the cost of a few more repairs, or even lower the purchase price of the property to a sum that is more agreeable to the two of you.
- Check the contract. Try to see if there are legal grounds for suing the buyer for backing out of the deal, and if such an event entitles you to a set percentage of the propertys selling price. It may also be advisable to ascertain if the buyer would have to default if s/he ends up canceling the deal past a certain timeframe once the contract has been passed.
- Hire a lawyer. If you have solid grounds for suing the buyer (and if you risk accruing a great deal of loss as a result of the breach in contract), then the next step would be to hire legal counsel to facilitate the lawsuit.
A buyers decision to back out would well be beyond your control, but so long as you take the necessary precautions, such an event would be nothing more than a minor inconvenience.
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